Bursting housing bubble?
When you look at single-family home sales, at least country-wide, it sure looks like it is. Condo sales haven’t fallen, at all, though.
But, prices have kept steady – actually, increased, which, as I mentioned earlier, is kind of odd. How’s that happening?
Anyway, apparently we should all be happy that prices are (or, will be) going down.
It helps our neighbors buy homes, and helps them buy closer to town.
(M)ore than 30 percent of families … don’t own a home and clearly have nothing to gain from further price increases ..
… So there is a good argument that society has a compelling interest in keeping house prices from getting too high. Reasonable prices allow young, middle-class families to buy a house without going into too much debt. They also let people live where they want. Right now, there are a growing number of workers making long commutes from places like Hagerstown, Md., and Stockton, Calif., solely because they cannot afford a decent-size house in a close-in suburb.
Complete article: Don’t Fear The Bubble That Bursts – By David Leonhardt, The New York Times